Launch of DeFi Mobile App by Indian Exchange CoinDCX Signals Shift Toward Web3

Neeraj Khandelwal, co-founder of CoinDCX, told CoinDesk that Okto, a decentralized finance (DeFi) app, will ease crypto consumers’ transition to DeFi.

“For crypto to succeed (in India) consumers will have to migrate to Web3 and DeFi setup and at the moment, it’s very complex to access DeFi,” said Khandelwal.

Aside from providing users with a secure way to navigate DeFi, Okto will also make it possible for them to have access to thousands of tokens across multiple DEX chains, enable them to exchange crypto anywhere and anytime, as well as provide them with the best liquidity pools to maximize their yields.

A mobile app built over eight months by a team of 50, CoinDCX hopes Okto will provide users access to 100+ protocols and 20+ chains while also seeking transparency so that “users make educated decisions about risks.”

Despite the market downturn and the company’s chief rival (CoinSwitch) expanding to standard fintech features like wealth management, the startup remains focused on crypto.

By using Multi-Party Computation (MPC) technology, users can avoid managing lengthy private keys by providing just an email address and phone number. Platform will keep parts of the key to itself and bind the rest to the customer’s device through biometric authentication.

CoinDCX’s Okto launch will be divided into two phases. Firstly, they will announce a waitlist at their upcoming Web3 conference, Unfold. Next, information will be posted on their website ahead of the second step, a full launch in two weeks or so, said Khandelwal.

CoinDCX Pro will offer Okto in India, along with a standalone App for Okto globally.

According to Khandelwal, if it doesn’t happen, it will be very difficult for crypto to take off in India. “Crypto cannot be just an investment tool.”

For raising crypto awareness, CoinDCX has been actively advertising and at one point, even enlisted Indian mega-star Amitabh Bachchan as a brand ambassador.